NEW YORK, Aug. 28 (Xinhua) -- U.S. President Donald Trump said Friday that the United States and Venezuela have reached an oil agreement.

This photo taken on Aug. 17, 2026 shows the White House in Washington, D.C., the United States. (Photo: Xinhua)

"The United States of America has just entered into an Agreement with the Country of Venezuela on, THE BIGGEST OIL DEAL IN WORLD HISTORY!" Trump wrote in a post on Truth Social.

The United States, through a partnership with private business, has secured "majority U.S. control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer," Trump said.

The deal "MORE THAN DOUBLES American Oil Reserves, greatly increases our Oil Supply, and will substantially lower Gas Prices for all Americans, long into the future," Trump claimed.

U.S. oil prices have risen sharply since the Iran conflict erupted in late February, triggering inflation concerns.

Venezuela has the world's largest proven oil reserves.